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Replies to post #22838 on The Rising Influence of Rising Affluence
11/06/20 3:48 PM
04/17/21 1:48 PM
The company bought a clinic business in 2018, VIP Petcare, and now operates more than 3,400 pop-up clinics a year, offering services out of a van, mall, or store for a day or two a week. The idea is to bring the “Minute Clinic” model to pets, he says, administering vaccines and preventive care, and treating things like skin rashes or stomachaches—anything that doesn’t require anesthesia.
The next leg of growth is converting the pop-ups to permanent clinics in big-box retailers. Once the company sees enough demand in a location, it opens a “wellness center” in a high-traffic spot. It’s now operating 126 clinics in stores such as WalMart (WMT), Tractor Supply (TSCO), and Meijer. The goal is to open 130 to 170 clinics this year, reaching 1,000 by 2023.
Why go to a clinic rather than a vet’s office? For one thing, many pet owners don’t have a vet, especially if they’re new to pet ownership. Retail clinics don’t require appointments, prices are posted on walls, and they may be cheaper than traditional vets; PetIQ’s average customer bill is around $100, well below the $300 average at vet offices (not including surgeries). “There’s a high degree of opaqueness around vet care and younger consumers want transparency,” says Jefferies analyst Stephanie Wissink.
